SBI Life New Smart Samriddhi Plan

What is SBI Life New Smart Samriddhi Plan?

SBI Life New Smart Samriddhi Plan is an individual, non-linked, non-participating life insurance savings plan that offers you Guaranteed Additions ensuring benefits for your loved ones. This investment plan helps to keep your family financially protected and safeguard your family's happiness by providing additional returns.

Features of SBI Life New Smart Samriddhi Plan

A quick overview of the key features of the SBI Life New Smart Samriddhi Plan is as follows: 

• The policy process is straightforward and quick.

• No medical examination is needed to get started.

• Receive guaranteed additions to your plan every year.

• Maturity benefits range from 137% to 220% of the total premiums paid, based on your age and premium amount.

• Pay premiums for 6, 7, or 10 years, and enjoy benefits for the full policy term of 12, 15, or 20 years.

• Tax benefits are available under the current Income Tax Act 1961.

Eligibility Criteria of SBI Life New Smart Samriddhi Plan

Benefits of New Smart Samriddhi SBI Life Plan

• Guaranteed Additions: Guaranteed Additions are calculated based on the total premiums you have paid, excluding taxes and additional charges. These additions are paid out either at maturity or earlier if the policyholder passes away.

• Maturity Benefit: If the policyholder survives the entire policy term, you will receive the Basic Sum Assured along with any Guaranteed Additions that have accrued.

• Death Benefit: In the event of death of the policyholder, their nominee will receive the higher of the Basic Sum Assured, 10 times the Annualized Premium, or 105% of the total premiums paid, plus any Guaranteed Additions.

• Paid-Up Value (PUV): If you stop paying premiums after the first year, the New Smart Samriddhi SBI Life Policy will still have value, though the Sum Assured will be reduced. This reduced value will be at least 105% of the premiums you have paid.

• Surrender Value: The policy will have a Guaranteed Surrender Value if you have paid premiums for at least two full years. It will also have a Special Surrender Value after paying premiums for one full year.

• Tax Benefit: You can get tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.

Policy details of SBI Life New Smart Samriddhi Plan

• Grace Period: You are given a 30-day grace period for yearly premiums and a 15-day grace period for monthly premiums. During this time, the policy remains active.

• Revival Facility: If your policy lapses, you can revive it within 5 years by providing proof of insurability and paying the overdue premiums with interest.

• Participation in Profits: The New Smart Samriddhi SBI Life policy does not share in the company’s profits.

• Nomination & Assignment: The nomination and assignment of the policy follow Sections 39 and 38 of the Insurance Act, 1938.

• Free Look Period: You have 30 days from the date you receive your policy document to review it. If you decide to cancel it within this period, you will receive a refund, minus any deductions for risk coverage and expenses.

How the Plan Works?

Step 1: Pay premiums regularly over a chosen term (10, 12, or 15 years).

Step 2: Accumulate Guaranteed Additions each year, enhancing your plan’s value.

Step 3: Receive a lump sum at maturity, combining the Sum Assured and accumulated additions.

Suicide Exclusion Criteria

If the policyholder passes away due to suicide within 12 months from the policy's start or revival, the nominee or beneficiary will receive at least 80% of the total premiums paid or the surrender value, whichever is higher, provided the policy is active. Once this benefit is paid, the policy will be terminated.